Buyer understands and agrees that this agreement may be considered a rental/purchase contract and may at Buyer’s option, return the above described Goods to the Seller in good condition at any time provided payments are current. Buyer understands and agrees that Seller maintains a security interest in the Goods until all payments are made. When all payments have been made the Goods become the property of the Buyer.
Buyer further agrees that in the event he accepts this as a rental contract and the Goods are returned to the Seller, all prior payments will be applied as rental payments to the use of the Goods, and Buyer understands and agrees that he is not entitled to a refund.
Pursuant to the terms and conditions below and on the reverse side hereof, Buyer purchases the above described Goods and accepts delivery of the Goods, in good condition, and agrees to pay total of payment in consecutive monthly installments.
DELINQUENCY CHARGE IN EVENT OF LATE PAYMENT: If any installment is not paid with 10 days after it is due, Buyer promises and agrees to pay a delinquency charge in the amount of five dollars ($5.00) of the unpaid installment amount. If this contract is referred to an attorney not a salaried employee of Seller, for collection or enforcement, Buyer promises and agrees to pay reasonable attorney’s fees, plus court costs and all costs of collection.
DESCRIPTION OF SECURITY INTEREST: Seller has a security interest under the Uniform Commercial Code in the Goods and proceeds thereof to secure payment and performance of Buyer’s obligations under this agreement.
PREPAYMENT REBATE: Upon prepayment, Buyer is entitled to a rebate of the FINANCE CHARGE. If any instrument case is returned to Gadsden Music Company Inc. opting out of the rental contract, and case is defaced in any way, the renter will be responsible for the replacement of the case.
LATE CHARGE AND FEES: If any installment is not paid within ten (10) days after it is due, Buyer promises and agrees to pay a late charge in the amount of five dollars ($5.00). If Buyer is enrolled in Auto pay and the initial first payment due is declined and not rectified within 30 days of first payment due, a charge of $25.00 will be assessed to the Buyer’s account.
An optional, but recommended, repair agreement guarantees to make such repairs necessary to keep the instrument in proper playing condition. The agreement does not replace the instrument due to loss by fire, theft, or excessive wear beyond repair. Agreement does not cover mouthpieces, flute head joints or crowns. Agreement does not cover expendable supplies (reeds, oil, swabs, ligatures, strings, grease, straps and rosin). Agreement does not cover lost or broken drumsticks and drum heads. Cosmetic repairs are not included in the agreement. Monthly payments must be current for the maintenance coverage to be in effect. Coverage is $8.00 per month as long as the contract is active.